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Red Sea International has completed all procedures related to its long-term land lease in Al-Madinah after receiving the site from the Al-Madinah Region Municipality. The company said the investment contract is now fully approved, allowing it to move ahead with the planned mixed-use development. The project carries a total lease value of SAR 161.9 million over a 50-year period and includes the construction, operation, and maintenance of the development. The investment aligns with Saudi Arabia's continued focus on urban development and mixed-use projects under its broader economic diversification plans.
Red Sea International has completed the required procedures for its long-term land lease in Al-Madinah, enabling the company to move forward with a mixed-use development project on the allocated site.
The company announced that the land has now been handed over by the Al-Madinah Region Municipality and all formalities required to approve the investment contract have been completed. This marks the beginning of the project's implementation phase following the lease award.
The investment is valued at SAR 161.9 million, representing the total lease payments over the 50-year contract period. Under the agreement, Red Sea International will construct, operate and maintain a mixed-use development on the leased land.
The project forms part of the company's broader investment activities in Saudi Arabia, where it has been expanding its presence through infrastructure, modular construction and real estate-related developments. The company has also secured several major contracts across the Kingdom in recent months, reflecting continued activity in the country's construction and development sectors.
The development also comes as Saudi Arabia continues to encourage private sector participation in urban development projects through long-term investment opportunities. Mixed-use developments have become a key component of the Kingdom's strategy to improve urban infrastructure, support commercial activity and create integrated communities under its Vision 2030 programme.
Source Reuters
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